Sale on account Now journalize the expense related to the December 11 sale-Sold 500 units of...

Transcribed Image Text:

Sale on account Now journalize the expense related to the December 11 sale-Sold 500 units of goods to The Cleaners for $9,500 on account with terms 5/10, 1/30 (Click the icon to view the perpetual inventory record you prepared in Requirement 1.) Date Dec. 11 Accounts and Explanation Cost of Goods Sold Merchandise Inventory Debit Credit 2,000 2,000 Recorded the cost of goods sold Dec. 28: Sold 500 units of goods to Brenda, Inc., for cash of $11,500. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the e Date Dec. 28 Accounts and Explanation Debit ense related to the sale. We will do that in the following step Credit Sale on account Now journalize the expense related to the December 11 sale-Sold 500 units of goods to The Cleaners for $9,500 on account with terms 5/10, 1/30 (Click the icon to view the perpetual inventory record you prepared in Requirement 1.) Date Dec. 11 Accounts and Explanation Cost of Goods Sold Merchandise Inventory Debit Credit 2,000 2,000 Recorded the cost of goods sold Dec. 28: Sold 500 units of goods to Brenda, Inc., for cash of $11,500. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the e Date Dec. 28 Accounts and Explanation Debit ense related to the sale. We will do that in the following step Credit